Tax developments of interest are detailed below:

• HMRC have published a number of updated compliance check factsheets:- Compliance checks: tax avoidance schemes – follower notices (except partnerships) – CC/FS25a, Compliance checks: tax advantaged shares schemes – CC/FS1f, Compliance checks: employee tax advantaged share schemes – penalties for not meeting the requirements for tax advantaged status: CC/FS33, and Compliance checks: employee tax advantaged share schemes – penalty for material inaccuracy: CC/FS32
• The 2016 rent a room helpsheet has been published.
• The guidance which explains the process to correctly reclaim construction industry scheme deductions has been updated
• The detail guidance notes for community amateur sports clubs have been updated
• HMRC’s directors’ loan accounts toolkit is now updated
• The guidance on how to recognise genuine HMRC contact, phishing emails and scam text messages has been updated
• Statement of Practice 10 (1991) has been updated. This Statement of Practice outlines HMRC’s view of the corporation tax rules which apply to losses when there has been a major change in nature or conduct of trade
• The following VAT notices have been updated:- VAT Notice 700/12: how to fill in and submit your VAT Return and Notice SIVA 1: Simplified Import VAT Accounting
• Parliament has released a research briefing on corporate tax reform between 2010 and 2016.
• Columbia has joined the list of countries that support the initiative to automatically exchange information on beneficial ownership.
• HMRC has updated its helpcard for limited company subcontractors making repayment claims. HMRC advises that the PAYE reference and the word “CIS” should be included in such claims to ensure that the central scanning system directs the post to the correct section
• A customs information paper has been published in the context of the recent EU referendum outcome
• Guidance on double taxation relief and a list of territories with a double taxation treaty with the UK has been published
• HMRC has published guidance explaining which large businesses have to publish to comply with the provisions being enacted in this year’s Finance Act regarding publishing their tax strategy
• Tables showing the indexation allowance for assets disposed of in May 2016 are now available together with historical data